In March, the second-hand housing transaction volumes in Beijing, Shanghai, and Shenzhen all hit new highs. Experts predict that during the May Day holiday period, various regions are expected to intensify policy support.

Since 2026, secondhand home transactions in major cities across the country have maintained a certain level of resilience, becoming an important force supporting the housing market’s recovery.

Data monitored by the China Index Academy show that in the first quarter of this year (as of March 29), the 20 key cities recorded 319,000 secondhand residential unit sales, down 5.7% year over year, but still significantly higher than the same period in 2024. In March (as of March 29), the 20 cities recorded 134,000 secondhand residential units, down 6.3% year over year. Judging by weekly transaction volume, after the Spring Festival, secondhand home transaction volume increased month over month for five consecutive weeks. In the 4th week of March (3.23-3.29), the transaction volume of secondhand residential homes in the 20 cities reached the highest weekly level since 2025.

From the perspective of transaction structure, the position of secondhand homes in the overall market continues to improve. In January–February 2026, in 30 cities, the number of secondhand home transactions as a share of total transactions combining new homes and secondhand homes was 72%, up 7 percentage points compared with the full year of 2025.

From the perspective of key cities, a “small spring” recovery in the secondhand home market has appeared in core cities such as Beijing, Shanghai, and Shenzhen. Since the implementation of the “Shanghai Seven Articles” policy, Shanghai has become the most active city in this year’s “small spring” market. According to data from Shanghai’s real estate transaction website “Online Real Estate” (网上房地产), in March, Shanghai’s secondhand homes (including commercial properties)累计 net-signed 31,215 units, setting an all-at-once record for nearly five years since March 2021. In terms of single-day transaction performance, throughout March there were 13 days when secondhand homes’ daily net-signed volume exceeded 1,000 units. Of these, seven days saw daily transactions exceed 1,300 units, and on March 28, daily transactions reached 1,585 units, the highest daily level in nearly five years. The heat in the secondhand home market is also gradually spreading to the new home market, with multiple new home projects in Shanghai planning to gradually reduce discounts starting in April.

Data from the Shanghai Lianjia Research Institute show that since the release of the “Shanghai Seven Articles” policy, buyers’ willingness to enter the market has been positive. In June 2025, the average buyer-to-transaction cycle was 49 days, while in March this year it has shortened to 39 days. With transaction volumes increasing, the pressure on inventory disposal in areas outside the outer ring has been effectively eased. The market is gradually shifting from the earlier “inventory reduction” stage to a repair period characterized by dynamic balance between supply and demand.

Worth noting is that a recent release by Wo Ai Wo Jia of the “Shanghai Real Estate Market Demand and Expectations Questionnaire Survey” shows that consumer expectations for the market are also adjusting: 41.4% of respondents believe that prices in the Shanghai real estate market will rise in the next 1–2 years, including 21.6% who think there will be a modest increase of 1%～5%, and 19.8% who believe the increase will reach more than 5%. In addition, 20% said they could not make sense of the situation and found it difficult to judge.

Beijing’s secondhand home market also turned in an impressive performance in March. According to data from Centaline Properties, in March, Beijing’s secondhand residential net-signed volume was 19,886 units. Not only did this set a peak for the past 15 months, it also returned—after March 2025—to a volume level close to 20,000 units.

Centaline Properties’ Chief Analyst Zhang Dawei believes that in March, Beijing’s secondhand home market experienced a strong “small spring” rebound driven by a convergence of policy and seasonal factors. It shows characteristics of a surge in volume, slightly stable prices, and extreme differentiation: transactions hit the second-highest level in nearly two years, but prices did not rise across the board. The core areas versus the periphery, and premium homes versus ordinary homes are showing “hot and cold” extremes.

Data from the China Index Academy show that in Beijing and Shanghai, secondhand homes with small floor areas and low total prices are still the main force driving transactions. At present, homebuyers with rigid demand and those upgrading purchase needs in large cities generally address their housing needs by buying secondhand homes, while the new home market is shifting to meet improvement-oriented demand. In January–February 2026, the share of secondhand homes with areas below 70 square meters in Beijing and Shanghai rose to 39% and 42%, respectively. Meanwhile, as housing prices continue to adjust, available market listings overall have moved back toward the low total price segment. In January–February, the share of secondhand home transactions in Beijing and Shanghai under 3 million RMB increased by 5 and 6 percentage points, respectively, compared with 2025, while the number of transaction units grew 13% and 25% year over year.

In March as well, Shenzhen’s housing market strongly kicked off its “small spring.” Data from Leju Yijia’s research center show that in March, Shenzhen’s total net-signed volume for both new and secondhand homes was 7,898 units, up 117% month over month, which is the highest value in the past 11 months.

Data from Leju Yijia’s research center show that in March’s “small spring” market, the secondhand market provided strong support. The full month’s secondhand residential net-signed volume was 5,071 units, up 117% month over month, and it has remained steadily at the “breakeven/expansion-contraction line” level, indicating solid support at the bottom of the market and bringing more possibilities for the transactions in the second quarter ahead. Shenzhen Leju Yijia’s secondhand contract signing volume at its branches increased 244% month over month, nearing the peak level after the 2024 “929” policy; buyers’ showroom activity is also setting records, reaching the highest monthly number of viewings in the past five years, which is still 17% higher than October 2024.

In addition, according to statistics from the Shenzhen Real Estate Intermediary Association, during the month the city recorded 7,225 secondhand homes (the recorded volume refers to data counted based on the start time of secondhand home purchase and sale contracts, and is not the final number of units transacted). Month over month, it rose sharply by 151%, setting a new high in the past 12 months.

Zhang Bo, President of the 58 Anjuke Research Institute, points out that judging from the performance of major national hotspot cities, the housing market shows a clear pattern of “first-tier cities leading” and “structural recovery.” In cities such as Beijing and Shanghai, secondhand home transactions have also seen a noticeable increase in volume, and the demand release effect under policy stimulus is significant. Strong second-tier core cities are recovering at the same time, but third- and fourth-tier cities remain relatively calm. Overall, the current market has formed a pattern in which secondhand homes in core cities lead. In the next step, the new home market is expected to benefit from the opening up of the secondhand home replacement chain, bringing improvements.

Its forecast: The national market is expected to continue the trend of structural repair in April and May. The sustained effectiveness of policy measures still needs to be monitored based on the pace of demand release. During the May Day window period, regions may strengthen policy support, but the overall pace of continued recovery will remain unchanged.

（Source: The Paper (澎湃新闻)）